This is the bank senario that the professor is talking about

This is the bank senario that the professor is talking about: You have This is the bank senario that the professor is talking about: You have just been hired as the vice president of advertising and public relations. The president of the company has sent you the following message to give you an idea of what the company is about and what is expected from you in your new role: Introduction Welcome to the first of our strategic planning meetings. Before we get started, I would like to thank you for joining our bank in the capacity of Vice President, Advertising and Public Relations. Although we only have five branches located throughout our state and are considered a small bank by some, we not only wish to grow, but must grow or we will be swallowed by the big banks that are operating all around us. We have been too stagnant for too long and it is time to move forward. Senior management conducted several strategy sessions, and it was decided that we needed a new approach, which is why we created this new position and brought you on board to lead the charge. We have never had a strong focus on public relations as a marketing tool, and we have also never really considered advertising as a requirement because we have relied mostly on referrals and word-of-mouth advertising in the past. This has served us well as a local bank, but based on increasing competition and the need for additional revenue, we need to grow beyond our existing customer base. This is where you come in. I realize you have a very strong marketing background in advertising and public relations and have helped several organizations meet many of the same objectives that we are trying to achieve. By using someone from outside of the bank, we hope to bring in creative and fresh approaches to our strategic initiative. Ultimately, you are responsible for goal achievement. Let’s discuss the situation. Background and Present Customer Base As you are aware, we have been around for 30 years and have grown to 5 branches throughout the state. Our customers love us because we treat them like real people, focus on strong customer service, and give every customer the attention they require. We offer basic banking services from our 5 physical locations. Our services include savings accounts, checking accounts, CD’s, and loans. We love our present customer base and do not want to lose them because they made us what we are today; however, our current local customers create very high expenses and offer little current or future revenue growth opportunities. They have very little money in their checking and savings accounts, so as a bank, we make very little on those assets.